Focus Area: Economy
Staff Contact: Jamie Robichaud/Kaili Stowers
Subject: Consideration of Resolution No. 25-1021 for the assignment and assumption of lease agreements and bond documents from LECC Building 4, LLC to Chick-fil- A Supply, LLC.
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title:
title
Consideration of Resolution No. 25-1021 for the assignment and assumption of lease agreements and bond documents from LECC Building 4, LLC to Chick-fil- A Supply, LLC.
Body
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Summary:
On October 18th, 2022, the City Council adopted Resolution 22-1032, authorizing the issuance of industrial revenue bonds in a principal amount not to exceed $13,083,996 for the benefit of LECC Building 4, LLC. Bond proceeds were used for the construction of an approximately 147,955 square foot industrial building.
LECC Building 4, LLC, is selling all of its right, title and interest in the project to Chick-fil-A Supply, LLC., a Georgia limited liability company, and is also assigning its interest in the Resolution, the Bonds, and accompanying bond documents and related agreements.
The resolution (Attachment A) authorizes the assignment from LECC Building 4, LLC to Chick-fil- A Supply, LLC.
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Financial Impact:
None
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Action Needed:
Approve Resolution No. 25-1021
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Attachment(s):
Attachment A: Resolution No. 25-1021
Attachment B: Letter Request for Reassignment
Attachment C: Assignment and Assumption Agreement